Samson Oil & Gas Operational Advisory

As previously advised the sale of the Rennerfelt #1-13H and Rennerfelt
#2-13H wells has been completed providing capital to participate in the
more profitable Matilda Bay wells.

The infill development plan for North Stockyard is to drill 10 middle
Bakken wells and 8 Three Forks wells. For ease of reference, the current
status of each well is set out below with separate tables for each drill
pad:

TOFTE 1 PAD

Lateral length

Objective

Status

IP rate BOPD

Current rate BOPD

Cum to Date BO

Billabong 2-13-14HBK

6,147 ft.

Bakken

Recovery of drill pipe planned for April 2014

NA

NA

NA

Sail and Anchor 4-13-14HBK

6,375 ft.

Bakken

Flowing

1,323

336

27,136

Blackdog 3-13-14

8,383 ft.

Bakken

Flowing

1,995

1,162

19,494

TOFTE 2 PAD

Lateral length

Objective

Status

IP rate BOPD

Current rate BOPD

Cum to Date BO

Tooheys 4-15-14HBK

6,740 ft.

Bakken

Flowing

1,078

378

37,256

Coopers 2-15-14HBK

6,360 ft.

Bakken

Flowing

556

305

22,694

Little Creature 3-15-14H

7,578 ft.

Bakken

Flowing

501

779

37,321

MATILDA BAY PAD

Lateral length

Objective

Status

IP rate BOPD

Current rate BOPD

Cum to Date BO

Matilda Bay 2-15-H

4,215 ft.

Bakken

Finished Drilling

NA

NA

NA

Matilda Bay 1-15-H

4,215 ft.

Bakken

Finished Drilling

NA

NA

NA

TF NORTH PAD

Lateral length

Objective

Status

IP rate BOPD

Current rate BOPD

Cum to Date BO

Bootleg 4-14-15TFH

7,211 ft.

Three Forks

APD approved

NA

NA

NA

Bootleg 5-14-15TFH

7,495 ft.

Three Forks

APD approved

NA

NA

NA

Ironbank 4-14-13TFH

7,466 ft.

Three Forks

APD approved

NA

NA

NA

Ironbank 5-14-13TFH

7,495 ft.

Three Forks

APD approved

NA

NA

NA

TF SOUTH PAD

Lateral length

Objective

Status

IP rate BOPD

Current rate BOPD

Cum to Date BO

Bootleg 6-14-15TFH

6,867 ft.

Three Forks

APD approved

NA

NA

NA

Bootleg 7-14-15TFH

6,973 ft.

Three Forks

APD approved

NA

NA

NA

Ironbank 6-14-13TFH

7,434 ft.

Three Forks

APD in prep

NA

NA

NA

Ironbank 7-14-13TFH

7,458 ft.

Three Forks

APD in prep

NA

NA

NA

TOTAL COMPANY PRODUCTION

Samson net production for 2014 is as follows:

JANUARY 2014

FEBRUARY 2014

MARCH 2014

OIL, BO

5,767

12,180

11,154

GAS, MCF

16,323

17,016

13,067

BOE

8,487

15,016

13,332

BOEPD

273

536

430

BO: Barrels of oil

BOE: Barrels of oil equivalent (gas converted at its heating value)

BOPD: Barrels of oil per day

MCF: Thousand cubic feet

BOEPD: Barrels of oil equivalent per day

NA: Not available

APD: Application for Permit to Drill

IP Rate: Gross first 24 hour oil rate

Current rate BOPD: Barrels of Oil per Day

Cum to Date: Cumulative gross BO

COMMENTARY

The sale of the two Rennerfeldt wells has been completed netting Samson
a total of $200,000 which will be used to help fund the remaining wells
in the North Stockyard project.

Frontier rig 24 has completed drilling the Matilda Bay #1 and #2 wells.
The production liner has been run in the Matilda Bay #2 well and the
production liner is presently being run in the Matilda Bay #1 well. It
is anticipated that these two wells will be fracture stimulated in May
or June depending on equipment availability.

After drilling the Matilda Bay #1 well, Frontier rig 24 will move to the
Three Forks North Pad to begin batch drilling the first of four Three
Forks wells. The four Three Forks wells are the Ironbank 4-14 and 5-14
wells and the Bootleg 4-14 and 5-14 wells. These wells are all similar
in design and will have lateral lengths between 7,211 and 7,405 feet
long as shown in the table above. The current plan is to then move to
the Three Forks South Pad to begin drilling the final four Three Forks
wells.

Samson’s working interest and its net revenue interest is set out in the
following table:

Well

Working interest

Net revenue Interest

Billabong 2-13-14HBK

50.052000%

38.289780%

Sail and Anchor 4-13-14HBK

25.028509%

19.146809%

Blackdog 3-13-14H

24.863526%

19.020597%

Tooheys 4-15-14HBK

28.232033%

21.597505%

Coopers 2-15-14HBK

28.232033%

21.597505%

Little Creature 3-15-14H

27.759719%

21.236185%

Rennerfeldt 2-13-H

27.179868%

20.792599%

Rennerfeldt 1-13-H

27.179868%

20.792599%

Matilda Bay 2-15-H

32.972255%

25.223775%

Matilda Bay 1-15-H

32.972255%

25.223775%

Bootleg 4-14-15TFH*

28.386344%

21.715553%

Bootleg 5-14-15TFH*

28.386344%

21.715553%

Ironbank 4-14-13TFH*

26.746521%

20.461089%

Ironbank 7-14-13TFH*

26.746521%

20.461089%

Bootleg 6-14-15TFH*

28.386344%

21.715553%

Bootleg 7-14-15TFH*

28.386344%

21.715553%

Ironbank 6-14-13TFH*

26.746521%

20.461089%

Ironbank 7-14-13TFH*

26.746521%

20.461089%

* Wells have yet to be elected by Samson and therefore are
subject to change.

Samson’s Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN". Samson's American Depository Shares
(ADSs) are traded on the New York Stock Exchange MKT under the symbol
"SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson.
Samson has a total of 2,547 million ordinary shares issued and
outstanding (including 230 million options exercisable at AUD 3.8
cents), which would be the equivalent of 127.35 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$0.46 per ADS on
April 14th, 2014 the Company has a current market capitalization of
approximately US$61.17 million (the options have been valued at an
exchange rate of 0.9392). Correspondingly, based on the ASX closing
price of A$0.025 for ordinary shares and a closing price of A$0.013 for
the 2017 options, on April 14th, 2014, the Company has a current market
capitalization of approximately A$66.43 million.

SAMSON OIL & GAS LIMITED

TERRY BARRManaging Director

Statements made in this press release that are not historical facts may
be forward looking statements, including but not limited to statements
using words like “may”, “believe”, “expect”, “anticipate”, “should” or
“will.”

Actual results may differ materially from those projected in any
forward-looking statement. There are a number of important factors that
could cause actual results to differ materially from those anticipated
or estimated by any forward looking information, including uncertainties
inherent in estimating the methods, timing and results of exploration
activities. A description of the risks and uncertainties that are
generally attendant to Samson and its industry, as well as other factors
that could affect Samson’s financial results, are included in the
prospectus and prospectus supplement for its recent Rights Offering as
well as the Company's report to the U.S. Securities and Exchange
Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.